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Best Buy: Ex-CEO had 'relationship' with employee

CEO Brian Dunn, seen here with Black Friday shoppers in Minnesota last year, was in an inappropriate relationship with a coworker, Best Buy said.

NEW YORK (CNNMoney) -- Best Buy on Monday said an investigation revealed that former Chief Executive Officer Brian Dunn engaged in an inappropriate relationship with a female co-worker.

Dunn, who stepped down as Best Buy's (BBY, Fortune 500) CEO in April, "violated company policy by engaging in an extremely close personal relationship with a female employee that negatively impacted the work environment," according to the company.

Best Buy's board of directors said that Dunn's relationship "demonstrated extremely poor judgment and a lack of professionalism." But the company said Dunn's conduct did not involve "misuse of company resources" or "misuse of aircraft."

Best Buy said Dunn will receive a severance package totaling more than $6.6 million. The package includes severance pay of $2.85 million, stock grants worth $2.54 million, a "previously earned" $1.14 million bonus and $106,700 in unused vacation pay.